State Bank of Pakistan is taking a revolutionary step to introduce Digital Banks in Pakistan and will be rewarding licenses to 5 new digital banks.
Executive Director, Banking Policy and Regulation Group, SBP Arshad Mehmood Bhatti informed the audience that SBP will grant up to five licenses for digital banks, as it intends to promote digital banks with a strong value proposition, robust technological infrastructure, sufficient financial strength, technical expertise, and effective risk management culture.
Governor, State Bank, Mr. Reza Baqir added that growth and development of the financial sector are important and crucial now, new players will bring innovation and growth and it will prove to be a historic step in years to come.
The new digital banks aim to provide financial solutions to people from underserved communities of Pakistan.
